Fitch puts Centro on evolving watch

Fitch Ratings said it placed on Rating Watch evolving Centro NP LLC's issuer default rating of CCC and senior unsecured notes rating of CCC and recovery rating of RR4.

The watch is driven by expectations of upcoming changes to the credit profile of Centro as a result of pending financing and restructuring transactions subsequent to the acquisition of the U.S. assets and platform of Centro Properties Group, the ultimate parent of Centro, Fitch said.

Included in the sale were 585 community and neighborhood shopping centers and related retail assets aggregating 92.1 million square feet across 39 states in the United States, the agency said, as well as the company's U.S. property management platform comprising 18 offices and approximately 600 employees.

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